Best Move
Residential Conveyancing
Buying or selling a property is one of the most significant financial transactions that we go through, and it can also be one of the most stressful situations too.
Whether you are a first-time buyer or have owned your home for many years, it is important that you have an experienced conveyancing solicitor to guide you the legal process from the outset.
With Gilmour Pike Chapman you are in very good hands, as highly experienced conveyancing solicitors we will make the experience as smooth and efficient as possible. We are fully up to date with the ever-changing landscape of the property market and will work hard to listen to your needs and achieve the best outcome for you.
So, if you have found a property that you like or are planning to put your home on the market, we are here to help you make the best move.
Contact us for easy and direct access to our experienced conveyancing team
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What is conveyancing?
We are here to guide you through every stage of buying and selling a property and are on hand to answer your questions throughout.
But if you are thinking of buying or selling a property, we thought it might be helpful to provide an explanation of the Scottish conveyancing process along with some of the terminology. Hopefully this gives you a better understanding of what is involved and demonstrates what we, as conveyancing solicitors, can do for you as a buyer or a seller.
The process of property ownership is known as conveyancing, and in Scotland, it follows a distinct legal process which can only be carried out by a solicitor.
Once instructed, we will provide legal advice on the transaction.
Carry out necessary checks on the titles to property.
We will handle and complete the legal paperwork involved with the transaction including registration of the property.
We will ensure the transaction completes as smoothly as possible.
Noting interest
If you are a buyer and find a property that you are interested in, we can on your behalf “note interest” with the seller’s solicitor or estate agent. This is not a legally binding obligation but should ensure that you are kept informed about the property.
This is particularly helpful if there is a lot of interest in the property from other buyers which will potentially lead to a closing date. This is a date and time when all interested parties should submit their best offers, the seller will then review these with the intention of potentially accepting an offer.
Home Report
In Scotland, the seller must provide a Home Report before putting a property on the market. We will obtain and deal with this on your behalf.
This Home Report consists of three key documents:
Single Survey – This assesses the condition and value of the property, providing the surveyors comments to the solicitor who is overseeing the purchase, details include alterations, treatment works and maintenance obligations.
Energy Performance Certificate (EPC) – This shows the property’s energy efficiency and provides an energy rating for the property.
Property Questionnaire – This provides details about the property, such as council tax band and any alterations. This information is provided by the homeowner or their representative.
Making an offer
As a buyer, if you decide to make an offer on a property, we will on your behalf submit a formal written offer to the seller’s solicitor.
The offer typically includes the price you are willing to pay, the proposed date of entry and any specific conditions attached to your offer, subject to mortgage and sale of existing property.
The Missives
Missives are the exchange of formal letters between solicitors for the buyer and solicitors for the seller that form the terms of the legal contract. In essence they are the contract negotiation.
The process involves the following:
- The buyer’s solicitor making an initial offer.
- The seller’s solicitor issues a “qualified acceptance”, this includes any conditions the seller may wish to add.
- The buyer’s solicitor reviews and negotiates terms.
- Both parties agree on all terms before concluding the missives.
Only once missives are concluded, is a legally binding contract in place, meaning that neither party can withdraw.
Searches and checks
Before settlement, we will carry out the following essential checks:
Title Examination
This ensures that the seller has legal ownership of the property and has the right to sell and ensures that all aspects of the title meet the needs of the buyer.
Property Searches
We check the latest version of the titles and search against the parties to the transaction to ensure there are no issues in either contracted for property. We check for outstanding debts, title restrictions, or legal issues that may impact on the buyer’s intentions with the property.
Mortgage arrangements
If you are buying a property with a mortgage, your lender will issue a formal mortgage offer.
We will:
- Check the mortgage terms
- Arrange for the loan funds to be available for settlement
- Ensure that lender requirements are met
Settlement and completion
If you are a buyer or a seller, on the agreed settlement date we will act accordingly:
- As the buyer’s solicitor we will transfer the purchase price to the seller’s solicitor.
- As the seller’s solicitor we will provide the signed title deeds and ensure that keys are handed over.
- As the buyer’s solicitor, we will register the new ownership with the Land Register of Scotland.
- Land and Buildings Transaction Tax (LBTT) – As the buyer’s solicitor, we will ensure that the correct tax is paid.
Post-settlement matters
After settlement, we will:
- Submit the LBTT return to Revenue Scotland and arrange to pay the tax due to Revenue Scotland on your behalf. We would also provide you with a copy of the Title when this is received from the Registers of Scotland.
- Register the title in the Land Register of Scotland held by the Registers of Scotland.
Selling your property
As experienced conveyancing solicitors, we will deal with the sale of your property from start to finish, keeping you fully informed and involved throughout.
We will work hard to ensure that you achieve the best outcome and that the sale transaction is as smooth as possible.
And when it comes to marketing your property, we are proud to work with one of the finest estate agencies in the Borders. Like ourselves, Macpherson Property is a small and independent firm, combining high quality service with a friendly approach – the glowing feedback from their customers is testament to this.
When it comes to reaching the right buyers and matching them with the right properties, and achieving results, we are delighted to recommend and work with a local firm who know the Borders inside and out, Jamie Macpherson.